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Newport Resort Lists for $55M with Hotel Conversion Option
The Wellington Resort in Newport, RI has been listed for sale by Gustave White Sotheby’s International Realty, the Providence Business Journal reported. Located at the intersection of Thames Street and Wellington Avenue, the waterfront property is listed for $55 million.
The resort at 551 Thames St. features 52 two-bedroom suites across four buildings. The Newport zoning board has given the resort approval for conversion of the property into 152 traditional one-bedroom hotel units.
Built in 1985, the resort previously operated as a timeshare, until the last timeshare agreements were dissolved in 2021. “This entitlement creates a rare opportunity to significantly increase density and unlock future development potential in one of Newport’s most coveted waterfront locations,” the listing said.
The 5.27-acre property is owned by Paolino Properties, a Providence-based real estate firm. Onsite amenities include indoor and outdoor swimming pools, tennis courts, a fitness center, and 208 parking spaces.
- ◦Sale/Acquisition
